Bank South Pacific (BSP), Papua New Guinea’s largest bank, has finalised a deal with RMA Cambodia to launch a new joint venture company to tap into the Kingdom’s asset finance market, foreign media reported yesterday.

The settlement followed an initial agreement between the RMA’s local subsidiary, RMA Finance, and BSP in May of this year.

The new entity, in which BSP has invested nearly $8 million for a 50 percent stake, will be renamed BSP Finance Cambodia Ltd following approval from the central bank, according to a statement made by BSP’s CEO Robin Fleming during a investor presentation yesterday.